ABSTRACT
The main purpose of this research is to analyze the using of bank loans provided by the banking sector in accommodation companies traded in Borsa Istanbul in terms of type, maturity and cost. The study also examined the impact of the Covid-19 outbreak on the accommodation companies' use of bank loans. In this context, the level of bank loan usage, the type of bank loans, interest rates, maturity and their distribution in currency between the years 2009 and 2021 were tried to be determined by ratio and document analysis. As a result of the analysis, it was determined that 10,84% of the assets in accommodation companies are financed by bank loans, the use of bank loans in total liabilities is 19.92% and short-term bank loans are preferred. It was also detected that accommodation companies mainly benefit from business loans, daily spot loans, revolving loans, current account loans, foreign exchange earning loans, vehicle loans and investment loans in Turkish Lira, Dollar, Euro and Sterling with interest rates varying every year. However, compared to the pre-Covid-19 outbreak period, it was observed that the level of bank loans used by accommodation companies first decreased, but then increased again.
ABSTRACT
In this study, the effect of the Covid-19 pandemic on the financial performance and financial failure risk of the travel agency and tour operator activities sector in Turkey was examined. For this purpose, the financial performance of the sector and the risk of financial failure were analyzed using data from the real sector statistics of the Central Bank of the Republic of Turkey on the subs-sector of Travel Agencies and Tour Operators Activities for the years 2018, 2019 and 2020. While examining the financial performance of the sector by calculating liquidity ratios, asset utilization ratios, financial structure ratios and profitability ratios;financial failure risk was analyzed using Altman Z Score, Altman Z' Score, Fulmer H Score, Springate Score and Ohlson Score models. In the study, it was revealed that during the Covid-19 pandemic, the travel agency and tour operator activities sector experienced cash shortages, credit debts increased and, accordingly, its financial costs increased and losses were experienced. At the same time, it has been determined that the sector is exposed to the risk of financial failure during the Covid-19 pandemic.
ABSTRACT
The aim of this study is to investigate the financial failure risk levels of the restaurant chains with the highest brand value and to reveal the impact of the Covid-19 epidemic on the financial failure risk. For this purpose, the risks of financial failure of the 17 restaurant chains with the highest brand value according to the Brand Finance 2020 ranking were measured with Altman Z Score, Altman Z' Score, Altman Z'' Score, Springate, Fulmer and Ohlson models between 2016 and 2020. As a result of the analysis, it was determined that the number of restaurants at risk of financial failure tends to increase as we approach the past to the present in all models. However, whether there is a statistically significant difference in the context of financial failure risk scores between the pre-Covid-19 epidemic (2016-2019) and the Covid-19 epidemic period (2020) was tested with the Wilcoxon Signed Rank Test. According to the results obtained, a statistically significant difference was found between the pre-Covid-19 epidemic and the epidemic period in terms of financial failure values in all models except the Ohlson model.